2018 Enrollment Roadshow Presentation - Teradyne
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2018 Enrollment Roadshow Presentation
What’s New for 2018
Teradyne’s medical trend and costs have increased, with slight variations in each
plan’s premium based on claims experience.
• Health Investment Plan with HSA premiums will increase by 5.8%.
• The Advantage Blue (EPO) premiums will increase 5.8% and will include a $300/$600
deductible for some services.
• The Blue Care Elect Preferred (PPO) premiums will increase by 10.1%.
• For infertility prescription drug expenses, your plan will cover up to $10,000 lifetime
maximum
No increase to dental premiums. Vision premiums will increase by 11.1%.
Hyatt Legal $19.75 monthly rate for 2018.
New Telehealth. Reach a doctor any hour of the day or night, right from your smart phone.
It’s convenient and affordable
New Express Scripts: Exclusive Smart90℠ ℠ Walgreens. Fill a 90-day supply of your
maintenance or long-term medications at Walgreens or through mail order for just one
copay!
1Telehealth
Say “Hello” to the modern house call.
BCSMA has partnered with Amwell to provide a new Virtual Office Visit that is simple to use
and makes quality care easily accessible.
• You and your family members will have access to on-demand medical and behavioral
consults with local network providers.
• Commonly treated conditions include: sore throat, cough, pinkeye, cold and flu, fever,
reaction to medications, depression, anxiety, stress management and smoking
cessation.
• If enrolled in the Advantage Blue EPO or the PPO both medical and behavioral health
consults are at the $20 co-pay
• If enrolled in the Health Investment Plan, subject to the deductible
− Medical consult- $49
− Behavioral Health consult - $79 -$95 depending if licensed therapist vs psychologist
− Once the deductible is met in the Health Investment Plan no charge for further
telehealth visits.
• Web and mobile visits are fully supported.
To learn more:
Visit bluecrossma.com/telehealth to learn more and get started.
2New Walgreens Smart90SM Pharmacy Network
Now, fill your prescriptions for long-term medications through Smart90 Walgreens
Right now you can have your long-term medicine delivered to your home through Mail Order
and you’ll get up to a 90-day supply for just one copay! It’s all part of your plan. With
Smart90, you must fill a 90-day supply of your maintenance medications at Walgreens or
through mail order.
The program offers these advantages:
• Savings. With Smart90, you will pay less for each 90-day supply than you would pay
for three 30-day supplies at a non-preferred retail pharmacy
• Convenience. Fill your prescription only once every three months, instead of making
repeated trips to the pharmacy.
• Choice. Fill it at Walgreens or through the regular mail order home delivery.
This program is mandatory; however, you are allowed up to two fills of long-term medication
from 30-day retail pharmacies.
To learn more:
Log into Express-Scripts.com or call Member Services toll-free at 866-814-7118
3Advantage Blue (EPO): A Closer Look
What’s Deductible ($300 individual/$600 family) applies to certain services
Changing • The amount you pay out-of-pocket each calendar year before the plan begins paying benefits
• Applies to inpatient care and out patient surgical facility, diagnostic X-rays, lab tests, home health
care and durable medical equipment*
What’s Not In-network preventive care paid at 100%
• Includes well child care, routine adult physical exams, routine hearing and eye exams,
recommended screenings
John’s Example Ann’s Example
• Single • Family Coverage
• March: Routine adult preventive visit with • February: Outpatient Knee Surgery
blood tests
• April: Sick visit with lab work and x-ray
Ann Pays
I John Pays
February $300 (Deductible)
March $0 (Plan pays 100%) $150 ((Outpatient Knee Surgery)
$450 total
April Sick visit: $20 (Copay, no deductible)
Lab work: $150 Ann’s individual deductible is met for the year.
X-ray: $150 To reach the family deductible, her spouse and
child would only have to meet another $300
Deductible met for the year between them to reach the $600 family deductible.
* For details refer to your BC plan summary
4Consider a Flexible Spending Account (FSA)
Use tax-free dollars to pay eligible health care and dependent care
expenses
Health Care FSA Limited Purpose Dependent Care FSA
(medical, Rx, dental and vision Health Care FSA (dependent day care expenses)
expenses) (dental and vision expenses)
Maximum 2018 contribution: Maximum 2018 contribution: Maximum 2018 contribution:
$2,650* $2,650* $5,000
Use to pay: Out-of-pocket medical, Use to pay: Out-of-pocket dental Use to pay: Child and elder care
dental and vision expenses and vision expenses, and only those expenses such as daycare
(deductibles, copays, eyeglasses, medical expenses that don’t count
centers, babysitters, after school
dental work, etc.) toward the deductible
programs, day camp programs
Up to $500 annual rollover Up to $500 annual rollover and eldercare facilities
Not available if you enroll in the Not available if you enroll in Not available for health care
Health Investment Plan with H.S.A. Advantage Blue (EPO) or Blue Care expenses; applies ONLY to
Elect Preferred (PPO) qualified daycare expenses
Available only if you enroll in
Advantage Blue (EPO) or Blue Care Available only if you enroll in the
Elect Preferred (PPO) Health Investment Plan with H.S.A
ESTIMATE CAREFULLY: USE IT OR LOSE IT
* Projection, not finalized by IRS
5What’s the Best Plan for You?
ALL YOUR TERADYNE MEDICAL OPTIONS PROVIDE:
• In-network preventive care that’s free to you
• The same provider network
• Coverage for the same eligible expenses
THE ONLY DIFFERENCE: HOW, AND HOW MUCH, YOU PAY
Premium Contributions Out-of-Pocket Costs
(deducted from your pay) (deductible, coinsurance, copayment)
A fixed cost, no matter how much or how little Varies by the amount of care you need
you use the plan
Capped by your out-of-pocket maximum
6Are You Getting the Best Value?
FOR MOST, THE BEST VALUE IS THE HEALTH INVESTMENT PLAN
The best value for 89% But only 31% are enrolled
30%
31% Enrolled
Enrolled
89%
Would pay less in the Are You Missing Out?
Health Investment Plan
(based on actual
claims)
7What is an H.S.A? An H.S.A. is an individual account used in conjunction with an H.S.A – eligible Health Plan to cover out-of-pocket qualified health expenses on a tax-advantaged basis. Need to be enrolled in an H.S.A. – eligible health plan that satisfies certain IRS requirements: deductibles and out of pocket expenses. You generally pay more upfront for medical expenses before the plan begins to pay but pay a lower premium. Your H.S.A belongs entirely to you and can be used to pay both current and future qualified expenses for you and your eligible dependents You can contribute to your account, withdraw contributions to pay for current qualified health expenses and potentially grow your account on a tax-free basis by investing in a wide array of investment options. This combination may offer some significant tax and savings advantages over traditional health care plan options 8
What Do the 31% Know? I’m in
control
Realize they are better off saving what they otherwise would pay in
higher premium contributions
Use the HSA to make it easier to save
Get an HSA contribution from Teradyne
Use the money if they need it—keep it if they don’t
DOES THIS SOUND LIKE YOU?
“I'd rather have control of my money than spend it on higher premium contributions. By saving, What if you saved
I’ve got money set aside to pay any bills. But now, I’ve got ‘upside’ potential. If our family’s health this difference in an
is good and we don’t need a lot of care, the money stays with me.” HSA instead?
2018 Premium Contribution Difference vs. Health Investment Plan (Annual, Rounded)
Coverage level Health Investment Plan PPO EPO
Individual $1,183 + $951 + $722
Employee + one $2,366 + $1,901 + $1,444
Family $3,549 + $2,822 + $2,166
9What Do the 31% Know? I’m saving for
retirement
Realize that only the Health Investment Plan provides a way to save for
medical expenses in retirement—tax-free
Like knowing you can never lose your HSA contributions; savings can
continue to grow over time, with no limit
Choose how to invest their HSA balances, just as they do their 401(k)
Unlike a 401(k), HSA funds are never taxable so long as they are used to
pay eligible health care expenses
DOES THIS SOUND LIKE YOU?
“Who knows what Medicare and Social Security will be like when I retire? Even if nothing changes, I know I’ll have out-of-
pocket costs. It makes sense to save for them through the HSA—where I can pay these expenses tax-free—rather than
through a 401(k), where distributions are taxable income.”
2018 HSA Contribution Maximum
Coverage level IRS Maximum Teradyne Contribution Maximum Employee Contribution
Under 55 55+ Under 55 55+
Individual $3,450 $4,450 $675 $2,775 $3,775
Employee + dependent(s) $6,900 $7,900 $1,350 $5,550 $6,550
10What Do the 31% Know? I’m thinking
longer-term
Regardless of your age, taking a longer-term view is a smart way to think
about medical coverage
Like the idea of building up an HSA balance that, over time, can feel like
first-dollar coverage
Use the HSA to make it easier to save
DOES THIS SOUND LIKE YOU?
“I see how regular savings over a few years can add up pretty quickly. I feel protected from high health care costs this
year—and in the future.”
CONSIDER THESE EXAMPLES
STEVE JULIA PATRICK
• Low expenses all three years • Relatively healthy • Married with family coverage
• Single (married in year 2; adds • Accident during year 2 costing • Managing chronic conditions
spouse to plan for year 3 $35,000 • Planning for retirement;
eligible to make annual catch-
up contributions
11Steve’s Example
STEVE
• Low expenses all three years
• Single (married in year 2; adds spouse to plan for year 3
Year 1 Year 2 Year 3
HSA rollover amount NA $1,385 $3,010
Teradyne’s contribution* $675 $675 $1,350
Employee contributions $960 $1,200 $1,200
Steve’s expenses
(in-network preventive care covered at 100%) $250 $250 $375
HSA reimbursements $250 $250 $375
HSA balance at year-end** $1,385 $3,010 $5,185
Year 1: Enough to cover individual deductible in year 2
Year 2: Enough to cover family deductible in year 3 * Assumes Teradyne HSA contribution amounts remain the same for future years
** Does not consider possible investment gains or losses
12Julia’s Example
JULIA
• Relatively healthy
• Accident during year 2 costing $35,000
Year 1 Year 2 Year 3
HSA rollover amount NA $2,115 $840
Teradyne’s contribution* $675 $675 $675
Employee contributions $1,440 $1,500 $2,100
Julia’s expenses
$0 $3,450 $300
(in-network preventive care covered at 100%)
HSA reimbursements $0 $3,450 $0
HSA balance at year-end** $2,115 $840 $3,615
Year 1: Enough to cover individual deductible in year 2 Year 3: Enough to cover
individual out-of-pocket
Year 2: Julia is protected by the out-of-pocket maximum and maximum
has saved enough in her HSA to cover the amount
* Assumes Teradyne HSA contribution amounts remain the same for future years
** Does not consider possible investment gains or losses
13Patrick’s Example After age 65, HSA funds can be used:
• For non-medical expenses, subject to regular
income tax, but without penalty
• Tax-free on qualified medical expenses, including
PATRICK Medicare premiums
• Married with family coverage
• Managing chronic conditions
• Planning for retirement; eligible to make annual catch-up
contributions
Year 1 Year 2 Year 3
HSA rollover amount NA $7,900 $15,800
Teradyne’s contribution* $1,350 $1,350 $1,350
Employee contributions $6,550 $6,550 $6,550
Patrick’s expenses
(in-network preventive care covered at 100%) $2,950 $3,300 $6,750
HSA reimbursements $0 $0 $6,750
HSA balance at year-end** $7,900 $15,800 $16,950
Years 1 and 2: Patrick chooses to save aggressively for retirement and not use his Year 3: Patrick is protected by the
HSA for his annual out-of-pocket costs out-of-pocket maximum; he also
* Assumes Teradyne’s HSA contribution amounts remain the same for future years chooses to use HSA funds to pay
** Assumes 2018 IRS contribution maximum for family coverage ($6,900 plus $1,000 in catch-up contributions for those 55 and older) this out-of-pocket amount
continues unchanged in future years
*** Does not consider possible investment gains or losses
14Health Investment Plan FAQs
FREQUENTLY ASKED QUESTIONS
• If I know my medical expenses are high, am I better off in the PPO or EPO?
• What if I think I can’t afford to contribute to an HSA?
• How do I get reimbursed from the HSA?
15Health Investment Plan with H.S.A 16
Health Investment Plan FAQs “If I know my medical expenses are high, am I better off in the PPO or EPO?” ANSWER Not necessarily. Even if you are planning to have surgery, see the doctor a lot or take several maintenance drugs, you may still find that the Health Investment Plan is the best value for you. We encourage everyone to do the math. We’ve made it easy through the Teradyne Healthcare Calculator, powered by Fidelity. Customize the tool to fit your unique circumstances, and find the plan that truly offers you the best value. Try it for yourself! Visit www.teradyne.com/benefits 17
Health Investment Plan FAQs “What if I think I can’t afford to contribute to an HSA?” ANSWER Everyone needs to save for out-of-pocket expenses—regardless of the plan you choose. The Health Investment Plan difference: you can save for those expenses tax-free. That’s like getting a discount on your share of medical costs. If you find it hard to save, start small. Then gradually increase your contribution rate over time. Remember: you can start, stop or change your HSA contribution rate at any time, so you’re not locked in if you’re suddenly hit with an unexpected expense. Your smartest move: Save for the out-of-pocket maximum, no matter what plan you’re in. That way, you’ll be prepared for your worst-case financial scenario, and have peace of mind. 18
Health Investment Plan FAQs
“How do I get reimbursed from the HSA?”
ANSWER
It’s easy to pay or be reimbursed from your HSA.
• Use your HSA debit card. Use it to pay qualified expenses
at point of sale, such as filling a prescription, or for an
invoice you receive in the mail. Request cards for your
covered dependents, too.
• Use Fidelity BillPay for Health Savings Accounts. This
online bill paying service lets you pay health care providers,
companies and individuals—or reimburse yourself.
• Use a Fidelity HSA checkbook. Use it to pay qualified
expenses at point of sale or for an invoice you receive in
the mail. Or write yourself a check for reimbursement.
Of course, you don’t have to use your HSA to pay if you don’t
want to. You can pay expenses out of pocket with other funds,
and allow your HSA balance to grow, tax-free. If you want to
reimburse yourself later, you can do so at any time.
19Make the Most Out of Your Health Plan
JOIN MILLIONS OF PEOPLE USING CASTLIGHT TO ORGANIZE
THEIR HEALTH INFORMATION AND CHOOSE HIGH-QUALITY,
AFFORDABLE CARE.
Understand your benefits Manage your costs Find care
Castlight is only for employees and covered dependents over age 18 enrolled in a Blue Cross Plan
20Understand Your Benefits
MAKE THE MOST OUT OF YOUR
EMPLOYER-PROVIDED HEALTH
BENEFITS.
• See your health plan explained
• Set up your Care Center for quick
access to your doctors and benefit
programs
21Manage Your Costs
SEE YOUR PAST BILLS IN ONE PLACE.
• Review your family’s visits in an easy-to-read format
• See what you paid and why
22Find Care
EASILY SEARCH RATINGS AND
REVIEWS OF IN-NETWORK
DOCTORS.
• Compare doctors and facilities based
on quality, location, and cost
• Access contact information, patient
reviews, quality information, and
more
23Once You Complete Open Enrollment, Sign Up for Castlight.
WWW.MYCASTLIGHT.COM
If not currently under Blue Cross but electing it for 2018, you will not have access to Castlight Platform until after January 1, 2018
24Need Help Figuring it All Out?
WE HAVE RESOURCES TO MAKE IT EASIER.
• Teradyne Open Enrollment Website: www.teradyne.com/benefits
• Plan Comparisons and Summary Plan Descriptions: www.teradyne.com/benefits
• Castlight Health: Past care detail, cost & quality data
• Teradyne Healthcare Calculator: Powered by Fidelity
• Compare Cost Estimates: www.bcbsma.com under “Find a Doctor”
• Go to: www.401k.com under the “Health Savings Account” tile; click “view details”
to learn more
• HR Service Center
• Phone: 978-370-3041
• Email: hr.service.center@teradyne.com
25Open Enrollment is Coming
OPEN ENROLLMENT PERIOD: OCTOBER 30 – NOVEMBER 10, 2017
• Be sure to attend a Benefits Fair and get your free Dermascan and/or Theraputic
Seated Massage
Location Date Benefits Fair Address
Agoura Hills, CA 30701 Agoura Rd.
Wednesday, 11/1/2017 10:00 – 2:00
Agoura Hills, CA 91310
Buffalo Grove, IL – Eagle Test 2200 Millbrook Dr.
Wednesday, 11/1/2017 10:00 – 2:00
Buffalo Grove, IL 60089
North Reading, MA Bldg 600 600 Riverpark Dr. MS 700-2-1
Wednesday, 11/1/2017 10:00 – 2:00
N. Reading, MA 01864
San Jose, CA – Nextest 875 Embedded Way
Friday, 11/3/2017 10:00 – 2:00
San Jose, CA 95138-1030
Sunnyvale, CA – LitePoint 575 Maude Court
Thursday, 11/2/2017 10:00 – 2:00
Sunnyvale, CA 94085
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